Chirag Shah, founder and CEO of Nucleus Commercial Finance, introduces Pulse, an innovative new lending and data insight platform that supports SMEs. Since its launch at the end of 2022, it has been an invaluable source for firms trying to secure the necessary funding to grow their business.
Tell us about Pulse – how did you come up with the idea and what markets do you serve?
We currently serve small and medium-sized enterprises across the UK market. With Pulse, we have developed a market-leading technology that will soon enable SMEs to achieve one-click lending, meaning that more than 90% of lending decisions will be made within seconds.
This is made possible by improved access to lending for SMEs through the use of open banking and open accounting. We decided to further build out those tools to provide ongoing support to SMEs using data-driven insights to allow for better-informed decisions by business owners. Our objective was to make running an SME simple. That is accomplished by providing one snapshot of the business to highlight the key areas that they need to focus on moving forward.
What makes Pulse unique?
Pulse is designed by finance and risk professionals with extensive knowledge and experience of running SMEs. We have a simple user interface which enables easy sign-up and it takes less than two minutes to start gaining new insights. We simplify and organise all the data, using an artificial intelligence-powered dashboard and reports to bring companies up to speed with the risks and opportunities they face.
Every month we send them key performance data, straight to their inbox, including turnover trend, gross margin over time, and debtors and creditors ratio. There’s also no subscription fee required – it’s free to use the technology. In addition, the SME can choose to integrate with accountants and business advisors if they so decide to. Our open banking system is also trusted and secure, so users don’t have to worry about the safety of their data.
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How has Pulse evolved over the last couple of years? (or since its inception)
Pulse had previously been in the works for more than 18 months. We launched in September 2022, and since then we have managed to improve its insights and user experience, based on feedback received from accountants and other business advisors, as well as SME owners.
Over the next quarter, we will be adding more insights to help SMEs drive business growth and better manage their supply chain risks.
What can we hope to see from Pulse in the future?
Pulse will become the go-to platform for all SMEs and their advisors in the future. It will enable decision-makers to perform a host of different duties, including reviewing business performance and identifying growth opportunities.
They will also be able to analyse any potential issues and make better-informed decisions, gain clear visibility on short and medium-term liquidity, and, most importantly, provide them with access to finance.